July 27, 2018 / 6:23 AM / a year ago

TSB books first-half loss due to IT outage

FILE PHOTO: Signs outside a branch of TSB bank in London May 27, 2014. REUTERS/Neil Hall/File Photo

LONDON (Reuters) - Britain’s TSB bank reported a pre-tax loss of 107.4 million pounds on Friday due to costs related to a botched IT update which plunged the lender into chaos for weeks earlier in the year.

The bank, owned by Spain’s Sabadell (SABE.MC), said it had recognised costs related to the IT outage of 176.4 million pounds, while the update itself cost 318 million pounds.

CEO Paul Pester, whose position was called into question by lawmakers following the outage, said: “We’re making progress in resolving the service problems customers experienced following our IT migration, and we will continue to work tirelessly until we have put things right.”

Reporting by Emma Rumney, editing by Silvia Aloisi

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